International Business Basics ( Part 1 )

A colorful infographic depicting international trade, featuring graphs, currency symbols, and global maps.

Test Your Knowledge on International Business

Welcome to the International Business Basics Quiz! This engaging quiz will challenge your knowledge of key concepts related to international trade and business practices.

Topics covered include:

Understanding imports and exports
Key economic principles
Factors affecting currency exchange rates

11 Questions3 MinutesCreated by LearningEconomist202

Is the making, buying, and selling of goods and services within a country

Imports

Balance of Trade

Balance of Payments

Domestic business

Goods and services sold to other countries.

Comparative advantage

Absolute advantage

International business

Exports

Exists when a country can produce a good or service at a lower cost than other countries.

Absolute advantage

Exchange Rate

Exports

Balance of trade

Refers to business activities needed for creating, shipping, and selling goods and services across national borders

Balance of trade

International business

Comparative advantage

Exports

The difference between the amount of money that comes into a country and the amount that goes out of it.

Balance of payments

International businese

Exports

Import

The difference between a country’s total exports and total imports.

Balance of trade

Balance of Payments

International business

Import

A country specializes in the production of a good or service over another good or service because it is relatively more efficient.

Balance of Payments

International business

Comparative advantage

Balance of trade

State of a country’s economy

Economic conditions

Political stability

Balance of trade

Balance of Payments

Changes in other country’s government (new leaders, laws, etc.)

Balance of trade

Political stability

Economic conditions

Balance of payments

Three main factors affect currency exchange rates:

Balance of payments , Economic conditions, Political stability

Balance of payments, Balance of trade, Imports

Balance of payments, balance of trade, export

International Business Basics ( Part 1 )

Test Your Knowledge on International Business

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